$710 is the new resistance

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Good Day Bitcoiners,

(This is yesterday analysis)

The 3 day chart sows that the pull back manage to deny the previous retracement, leading the price towards the new major resistance which is the new target. $710,00 seems like the new target and at the same time the seller will have a chance to challenge the buyers momentum with potential corrections near $527,09.

The daily chart already have two Higher Low's and it is trying to build a third one. the third Higher low could fail because of the fact that the price is reaching the new major resistance and the sellers will try to push price down creating a small volatility during the day. The $550,22 seems to be one of the two level of reaction.

The 12 hours chart shows similarities with the daily chart and the only difference is the 3 Higher Low's that the up trend had manage to build but there is a chance that the price creates a new consolidation instead of the continuation because of the over extended trend in the daily chart.

The 240 minutes chart shows a sideways trend and a price divergence with the SMA 200. It is possible for the price to visit the SMA 200 or instead the $550,22 can become the support. It's too soon to tell but we have to wait for more signals before the new analysis.

This is the pre market analysis



About the author

Lucano

With a background in Technical Anlysis and a combined passion for travel and international business, Fred Mazo settled in Costa Rica where he met his wife. In Costa Rica, Fred became one of the first members of the Reditum European Trading Room where he was employed as a trader specialising…

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